SMM4 month 7: this morning non-ferrous metals rose across the board, the market trading mood warmed up. Us stocks rose more than 7 per cent after the central bank announced a 1 percentage point target reduction for small and medium-sized banks, releasing about 400 billion yuan in long-term funds. At the same time, it was decided to cut the interest rate on excess reserves held by financial institutions with the central bank from 0.72% to 0.35% from April 7. Moreover, schools in many places have opened today. In addition, from April 8, Wuhan has resumed the operation of parade taxis and long-distance bus stations, and the domestic epidemic has come to an end. Shanghai aluminium rose 1.04 per cent, with SMM data showing that inventories of electrolytic aluminium were down 41000 tonnes to 1.635 million tonnes from the previous Thursday. The lieutenant governor of New Mexico said employees at the Freeport McMullen mine in New Mexico, the world's largest listed copper producer, had been confirmed. It is not clear whether the mine's operations have been affected. The mine, located near the southwestern border with Arizona, produced 175 million pounds of copper last year, making it the third largest North American mine in terms of production at Freeport McMullen. SMM will continue to track global mine production.
Black thread fell 0.09%, iron ore fell 0.88%, hot coil rose 0.33%. In the morning, the black line is relatively weak compared with other varieties, and the inventory is still high. Scrap prices continue to fall, so more electric furnace plant cost lines continue to move down, increasing production. Moreover, some blast furnace plants adjust the hot metal ratio to increase the use of scrap steel has also dragged down the demand for iron ore. In terms of plates, due to the spread of the epidemic overseas, the import and export of plates have been greatly affected, demand is low, prices may continue to fall.
Crude oil rose 3.68% in the previous period. The recent ups and downs of oil prices are mainly due to the fact that the timing of the crude oil meeting has not yet been determined. On the date, a senior Russian negotiator said Saudi Arabia and Russia were on the verge of agreeing on a production limit agreement aimed at reducing global oil oversupply, while sources in Moscow said Russia was ready to cut production sharply ahead of this week's talks. Given the sharp drop in demand as a result of the blockade measures to curb the spread of the new crown virus, the total production cuts proposed to date of 10 million barrels per day may not be sufficient to stabilize the global oil market. Mr Trump has said the deal between Saudi Arabia and Russia could cut production by the equivalent of 10-15 per cent of global supply.
Close at noon
As of 11:30, HKEx had added US dollar-denominated small metal contracts:
Copper: today, Shanghai electrolytic copper spot contract rose 130 yuan / ton to 160 yuan / ton, Pingshui copper transaction price 40800 yuan / ton ~ 40840 yuan / ton, Shengshui copper transaction price 40810 yuan / ton ~ 40860 yuan / ton. Shanghai copper jump high to break through the 40, 000 yuan / ton line, copper futures rose by more than 1, 000 yuan, the spot market also maintained a strong upward quotation, early market holders quoted 150 ~ 160 yuan / ton, the market acceptance is low, fear of heights is strong, good copper in the rising water 160 yuan / ton short struggle to fall in the rising water 140 yuan / ton, flat water copper adjusted to the rising water 130 yuan / ton, the transaction is better than the good copper transaction; the market acceptance is low, the fear of heights is strong, the good copper falls in the rising water 140 ~ 150 yuan / ton, the flat water copper adjusts to the rising water 130 yuan / ton, the transaction is better than the good copper; Copper futures rose sharply, more wait and see downstream, wet copper to maintain stability in the rising water 80 ~ 100 yuan / ton. Copper futures rebounded sharply to stack high underwater buying hesitation, traders still tend to lower prices to accept goods, but holders generally do not have an obvious willingness to reduce prices and promotion, sellers are more difficult to maintain strong price room, the first day after the festival, supply and demand continue to saw the state.
Zinc: the mainstream transaction of zinc in Shanghai was 15920-15990 yuan / ton, Shuangyan and Chihong 15940-16020 yuan / ton, and Shuangyan and Chihong about 90-100 yuan / ton in May. Shuangyan and Chihong reported 100-110 yuan / ton. The mainstream transaction was 15840-15910 yuan / ton. Shanghai Zinc 2005 contract rose after a small decline, the morning market closed at 15830 yuan / ton. The zinc in the future is higher, the willingness of the smelter to ship is improved, the traders are mainly shipping, the market quotation in the morning market is relatively weak, about 6070 yuan / ton in April, or 90-100 yuan / ton in May, the transaction is very few, and the transaction is relatively active with the average net price and the average price falling by 5 yuan / ton. Entering the second trading session, the quotation remained stable, the market more than received, the transaction further weakened, the downstream wait-and-see, rarely entered the market inquiry, the overall transaction within the day is weak, the performance is not as good as last Friday.
The mainstream transaction of Guangdong zinc was 15810-15900 yuan / ton, and the quotation focused on 10 yuan / ton of Shanghai zinc 2005 contract. The discount of 90 yuan / ton in Guangdong stock market was 10 yuan larger than that of the previous trading day. In the first trading period, the futures price is high, the overall increase is larger, the market shipping enthusiasm is enhanced, but the quotation is relatively cautious, the downstream price inquiry is less, a small number of transactions between traders, Kirin, Mengzi, Huize, Tiefeng offer to Shanghai zinc May contract discount 10 to 10 yuan / ton. The second trading period, futures prices are still high volatility, downstream procurement demand is still small, traders discount shipment willingness is also limited, the market as a whole trading in general. Kirin, Mengzi, Huize and Tiefeng quoted 10 yuan / ton to flat water for the May contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 15810-15900 yuan / ton.
The mainstream transaction of zinc ingots in Tianjin market was 15920-17470 yuan / ton, and that of ordinary brands was 15920-15960 yuan / ton. The 2004 contract rose 70 yuan / ton to 90 yuan / ton. Compared with Shanghai stock market, Tianjin kept the rising water from 30 yuan / ton to 20 yuan / ton. Today, the Shanghai zinc high open shock, the spot market maintains the promotion discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on reports to the 04 contract to rise the water 80 yuan / ton near, Chi Hong reports in to 04 contract to rise the water 70 yuan / ton near, the high price brand Zijin to the April contract quotes 90 yuan / ton near. Today, traders still maintain the discount quotation, because the smelter handed in long orders at the beginning of the month, resulting in less circulation to the spot market, resulting in some traders have a strong willingness to ship, but today, due to larger price increases, downstream enterprises are less willing to inquire and receive goods, only a small number of enterprises just need to purchase. Overall, there were only sporadic deals today. The transaction of zinc ingot is near 1587015910 yuan / ton.
The mainstream transaction in Ningbo was 15950-16040 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 60 yuan / ton to 40 yuan / ton from 60 yuan / ton on Friday. The price difference between Ningbo and Shanghai was narrowed from 60 yuan / ton to 40 yuan / ton. Today, the disk rose, zinc rebounded, smelters and traders actively shipped, but downstream transactions are very weak. In the first period of the morning, some of the holders quoted an increase of 130 yuan / ton on the May contract at Tiefeng and Hualian, 150 yuan / ton on Kirin in May, 120 yuan / ton on the May contract for a small amount of Shuangyan newspaper, and 140 yuan / ton on the May contract. However, the downstream transaction situation is very weak, Kirin in the second period of the downward rise to 130 yuan / ton. Overall, the disk pulled up today, but the downstream order situation is poor, the overall transaction situation is worse than last Friday.
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